Eurozone Crisis: No Progress on an EU Robin Hood Tax

Angela Merkel and David Cameron face the press after a morning of meetings in Berlin. (Photo:Reuters)

The German Chancellor, Angela Merkel, avoided questions on whether any agreements were reached over the implementation of an EU wide financial transaction tax (FTT).

The UK government argues an exclusively European tax would leave Britain contributing 80pc of the revenue - a number that could result in the loss of half a million jobs and leave financial business looking to relocate elsewhere.

The Anglo-German leaders were keen to stress, however, that there were many things the pair did agree on.

Mr Cameron said: "There are many things on which we have absolute agreement. Governments need to reduce their debt, a greater deregulation of the single market needs to happen and a strong sustainable euro is essential for the future of Europe."

Mrs Merkel agreed that although Britain was not within the euro, it was vital to the future success of the EU as a whole.

She said: "We have stood together, and continue to stand together. We want show our strength. Small hiccups here and there will allow us to be led off track."

Speaking ahead of the European Council meeting on Dec. 9, the pair said they were keen to push the agreements made at the Oct. 27 EU Summit, where recapitalising the banks, funding the EFSF and installing the 50pc Greek haircut were a must to prevent long term disaster within Europe.

Cameron said: "It's natural we don't share the same EU policies but we do need to take strong and decisive action over Europe ."